All shook up: Two NBA teams eyeing Memphis

MEMPHIS, Tenn. (AP) -- Faster than you can say barbecue and Elvis, Memphis has gone from no NBA teams to having two franchises that want to move there.

The Vancouver Grizzlies and Charlotte Hornets have applied to relocate to the city, effective next season, the NBA said Monday.

An NBA relocation committee will be appointed in a week to review each case and make a recommendation to the league's board of governors within four months.

Each team said it would play in The Pyramid until a new downtown arena is built, according to the league.

Grizzlies owner Michael Heisley passed on Louisville, Ky., Anaheim, Calif., and New Orleans in choosing Memphis, which would be the NBA's smallest market.

The Hornets, meanwhile, want the option to move in case Charlotte voters reject a new $215 million downtown arena in a referendum in June, co-owner Ray Wooldridge said.

Wooldridge has said he wants to keep his team in Charlotte but that it needs a backup plan if the referendum fails. Monday was the NBA deadline for teams to apply to move.

The Hornets say they need a new arena to be profitable. Wooldridge told The Charlotte Observer the team could lose as much as $40 million next season if he did not apply for relocation and the referendum failed.

How to pay for a new arena costing between $200 million and $250 million is also the biggest question facing Memphis.

Consultant Gayle Rose said plans for financing remain unsettled.

``The group that's working on the financing is still crunching those numbers,'' Rose said.

The money is expected to come from public sources through local bonds and state assistance. Tennessee Gov. Don Sundquist, Memphis Mayor W.W. Herenton and Shelby County Mayor Jim Rout have given tentative support but have not discussed financial specifics.

Until a new arena could be built downtown, the Grizzlies or Hornets would play at The Pyramid, which cost $65 million and opened in 1991. The home court for the University of Memphis, coached by John Calipari, seats about 19,000 for basketball.

Memphis, with a metropolitan population of just over 1 million and a TV market ranked 40th nationally, would replace Salt Lake City as the smallest market in the NBA.

The Memphis bid for Heisley's team has been led by AutoZone founder J.R. ``Pitt'' Hyde III. The FedEx Corp. announced its support last week with an offer to buy naming rights to the team and the new arena.

The involvement of FedEx was considered a major boost along with Hyde's investment group ready to buy a minority stake in the Grizzlies. Tricon Global Restaurants Inc., the corporate parent of KFC, supported Louisville's efforts.

The decision gives Heisley a chance to build a new fan base for his Grizzlies, a 7-year-old franchise which has seen scattered support in Vancouver is expected to lose $40 million this year.

For Memphis, landing either team would end a search for a major professional sports franchise that lasted more than three decades.

In 1974 and 1993, Memphis was a finalist for National Football League expansion franchises but lost out each time. The former Houston Oilers used Memphis as a temporary home in 1997 before moving in 1998 to Nashville, where they became the Titans.